Wheat Report, 01/24/2017

Tuesday, January 24, 2017

The wheat market saw 2-5 cent gains in KC and CBOT on Monday, as funds liquidated on of the short with the USD weaker. With planted acres at over 100 year-lows, there has been some support to the winter wheat markets, but the upward momentum has been relatively contained. Weekly export inspections were disappointing again last week at only 276 TMT, down 110 TMT from the previous week and missed the estimate range of 300-500 TMT. Russian wheat prices are at eight-month highs, as the Ruble strengthens, which reflects the trend of higher global prices in the market. U.S. interior prices continue to hold firm, with new interest for some ordinary wheat in the truck market, but we have seen this come and go quickly in the past. Outside markets have Crude Oil recovering some of yesterday’s losses and the USD relatively steady near the 100 level. Grains lost much of the overnight momentum going into the break, so look for wheat to start off a couple lower but follow the cues of soybeans.

Unless otherwise noted, the posts on this blog should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by INTL FCStone Inc. or its subsidiaries. INTL FCStone Inc. is not responsible for any trading decisions taken by persons viewing this material. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to its accuracy. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by INTL FCStone Inc. or its subsidiaries. Reproduction without authorization is prohibited. All rights reserved.

Market Intelligence Free Trial

Meet the Team

Kansas City, MO
1251 NW Briarcliff Parkway
Suite 800
Kansas City, MO 64116
Tel:+1 (816) 410-5079



Our privacy policy has changed. View our privacy policy to learn more.